Free Consultation! Call us 24/7!
Which Chapter Do I File?
– A Maryland Bankruptcy Lawyer’s Perspective
I frequently meet with clients who already know which chapter of bankruptcy they want to file under. They’ve done some research online or spoken to a friend who’s neighbor filed a certain type of bankruptcy and that is what they want. “No, don’t tell me about the others, this is what I want.” Until I tell them about the others.
I get asked regularly, “What’s the best chapter to file under?” It’s never a simple answer. There is no one single best bankruptcy. There just isn’t. There is a best bankruptcy for a lot of situations, but each situation may have a different best bankruptcy. So much depends on what your goals are, but also, what are you capable of. Listen, I know most of you out there want to stay in your home. For a lot, however, it’s just not feasible. We can try all the modifications you want, but sometimes what is BEST is to just walk away and get a fresh start. Sometimes, however, saving the home is the best thing, and not only that you may be capable of doing it.
If I’ve said it once, I’ve said it a thousand times, every client’s situation is uniquely their own. Determining the best course of action is something that will take some consideration, and what may start out as our goals may change. For example, I recently met with a couple who would have been best served by a Chapter 7. They were hopelessly behind on their first and second mortgage and did not even have the income to pay both mortgages, much less catch up the arrearages. Shortly before their case was filed, the husband, who had been one of the long term unemployed, found a good paying job. Suddenly they could afford their first mortgage payment with a little bit to spare. Suddenly a Chapter 13 became the best bankruptcy for them.
As a Maryland Bankruptcy Lawyer, I am often faced with having to overcome the preconceived notions of what people think is best for them. If you want to learn more, if you want to find out the best course for your unique situation, give us a call or hit up the contact box on the right side of the screen.
We are the Grafton Firm. We are Maryland Bankruptcy Lawyers, looking to find the best path for your journey out of debt.
About the Author: William Grafton is a Maryland Bankruptcy Lawyer and Co-Owner of the Grafton Firm, LLC. He has written, lectured, and educated on credit related topics for nearly 10 years and is happy to be bringing his expertise to the Baltimore Metro area.